Industry News

Third-quarter profits rise at IAC

But earnings down at company's real estate, lending segments

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IAC/InterActiveCorp., owner of LendingTree and RealEstate.com, today reported a 10.1 percent increase in quarterly profit over the same period a year ago, with GAAP diluted earnings per share at 24 cents a share, up from 20 cents a share last year. Third-quarter revenue increased 11 percent to $1.6 billion, according to the media and Internet company's earnings announcement. IAC said the quarter reflects a modest increase in retailing, while revenue from HSN was flat and real estate and lending revenue was lower due to fewer sales closings. IAC's holdings include home shopping, ticket, travel, lodging, dating and mortgage and real estate-related businesses. LendingTree is the anchor of IAC's financial service and real estate businesses, which include RealEstate.com, GetSmart.com and Domania, among others. Quarterly revenue slid in IAC's lending and real estate segments; lending revenues fell from $109.4 million in the same quarter a year ago to $106 million this quarter, and real es...